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February 16, 2022

On the web

Assessment of Risks to Financial Stability From Crypto-assets

FSB

“This report examines developments and associated vulnerabilities relating to three segments of the crypto-asset markets: unbacked crypto-assets (such as Bitcoin); stablecoins; and decentralised finance (DeFi) and other platforms on which crypto-assets trade. These three segments are closely interrelated in a complex and constantly evolving ecosystem and need to be considered holistically when assessing related financial stability risks. The report notes that although the extent and nature of use of crypto-assets varies somewhat across jurisdictions, financial stability risks could rapidly escalate, underscoring the need for timely and pre-emptive evaluation of possible policy responses.”

Coinbase Eyes Challenge to Western Union With Crypto Remittances

Bloomberg

Coinbase Global Inc. , the biggest U.S. cryptocurrency exchange, is wading into the international money-transfer business, seeking to tap into a huge market dominated by firms like Western Union Co . Coinbase said it has launched a free pilot program for sending crypto funds to friends and family in Mexico. Receivers can convert the tokens into pesos at participating locations across the country or invest the funds into a Coinbase account. The service will become fee-based after March 31.”

February 11, 2022

On the web

Uber CEO Says App Will Eventually Accept Crypto as Payment

Bloomberg

Uber Technologies Inc. will one day join the likes of Microsoft Corp. by accepting Bitcoin as a payment option on its app. Dara Khosrowshahi, the chief executive officer, said Uber will accept cryptocurrencies “at some point” in the future. “This isn’t the right point,” he said Friday in an interview on Bloomberg Television. Khosrowshahi cited the cost of exchanges, which can carry high transaction fees, and the environmental impact of digital mining on the energy grid as reasons for why Uber has not yet incorporated the technology.”

February 8, 2022

On the wires

Crypto.com Partners With Industry-Leading Blockchain Validator and Merchant Acquirer Worldpay From FIS to Support Global Expansion

“Rapidly growing crypto platform engages Worldpay from FIS as a blockchain validator and will utilize the company’s payment gateway and global acquiring services to support continued global expansion.Worldpay will process card-based purchases and sales of cryptocurrencies for Crypto.com.Worldpay is an experienced Card-to-Crypto processor, which provides services for 4 of the top 5 cryptocurrency exchanges.”

February 3, 2022

On the web

TurboTax Will Let Users Deposit Tax Refunds Into Crypto Accounts.

The New York Times

“Coinbase is trying to establish itself as a mainstream gateway to the world of cryptocurrency, a place to routinely deposit paychecks, expense reimbursements and tax refunds. On Thursday, the company started a direct deposit program with the software company TurboTax to send state and federal tax refunds to Coinbase accounts, with the option to automatically convert dollars into cryptocurrency, the DealBook newsletter reports .”

Blockchain Bridge Wormhole Suffers Possible Exploit Worth Over $326M

coindesk

“One of the most popular cross-blockchain bridges may have been the victim of a hack worth over $326 million on Wednesday…On-chain analysts called attention to an 80,000 ether (ETH) transaction from Wormhole to an address currently in possession of over $250 million worth of ETH. According to another developer , the attacker also kept 40,000 ETH on Solana, where they have been selling for other assets.”

February 1, 2022

On the web

Provision in House Bill Allowing Treasury Secretary to Block International Crypto Transactions to Be Removed

coindesk

“An agreement to remove a provision in a U.S. House of Representatives bill giving the Treasury secretary the ability to block international crypto transactions has been reached, according to Jerry Brito, the executive director of Coin Center, an industry think tank that lobbied against the provision…A provision in the America COMPETES Act , a bill introduced in the U.S. House of Representatives last week , would have allowed the Treasury secretary to block or “impose conditions” on transactions, should the official find that the transaction or the accounts involved are engaged in money laundering. The overall bill is aimed at spurring economic competitiveness with China.”

January 31, 2022

On the web

Crypto risks ‘destabilising’ emerging markets, says senior IMF official

FT

“The IMF last week urged El Salvador to stop recognising bitcoin as legal tender, reiterating its warning that official adoption of the digital asset last year presented “large risks” for the stability and integrity of the country’s financial system. Nayib Bukele, the president of El Salvador — which is seeking more than $1bn in financing from the IMF — plans to raise money by selling bonds linked to the world’s biggest cryptocurrency. The scheme has drawn criticism from some of the international investors that own debt already issued by the government.”

January 25, 2022

On the web

Crypto Giant Binance Kept Weak Money-laundering Checks, Documents Show

Reuters

“Zhao’s dealings with the Mediterranean island fit a wider pattern, a Reuters investigation has found. In public, Zhao repeatedly said he welcomed regulatory oversight and Binance lauded its anti-money laundering programme. But at the same time, Binance was withholding information about its finances and corporate structure from regulators, at least eight of whom have warned consumers about the risks of using the exchange. Binance also maintained weak checks on customers, despite concerns raised by senior company figures, and acted against its own compliance department’s recommendations.”

January 21, 2022

On the web

Russia Proposes Ban on Use and Mining of Cryptocurrencies

Reuters

“Russia’s central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens’ wellbeing and its monetary policy sovereignty. The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.”

January 19, 2022

On the web

January 14, 2022

On the web

A Quarter of Small Businesses Across Nine Countries Plan to Offer Crypto Payments -Visa Survey

Reuters

“Almost a quarter of small businesses in nine countries around the world plan to accept digital currencies as a form of payment in 2022, while 13% of consumers in those countries expect retail stores to begin offering crypto payments this year and beyond, according to a survey by Visa Inc (V.N) . The survey of 2,250 small business owners across nine countries including the United States, Brazil, Singapore and Canada suggests cryptocurrencies may be starting to go mainstream as a means of payment.”

On the wires

NCR Completes Acquisition of Cryptocurrency Leader LibertyX

“NCR Corporation (NYSE: NCR), a global enterprise technology provider, today announced the completion of the previously announced transaction to acquire LibertyX , a leading cryptocurrency software provider. LibertyX is a strong strategic fit for NCR because it accelerates NCR’s ability to rapidly deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels.”

January 13, 2022

On the web

Iran to Allow Crypto Payments for International Trade: Report

Cointelegraph

“The Central Bank of Iran, or CBI, and the Ministry of Trade have reached an agreement to link the CBI’s payment platform to a trade system allowing businesses to settle payments using cryptocurrencies, the Mehr News Agency reported Monday. Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mine and Trade and head of Iran’s Trade Promotion Organization, or TPO, said that the new payment mechanism is expected to be finalized “within the next two weeks.””

January 12, 2022

On the web

TransUnion Brings Credit Data Checks to Crypto Lending

Wall Street Journal

“Cryptocurrency lenders are going to be able to start checking credit reports. TransUnion , one of the three major U.S. consumer credit reporting firms, will let consumers give blockchain companies access to their personal credit data through the security firm Spring Labs’ ky0x Digital Passport.”

Government Report Suggests Tightening Regulations on Crypto ATMs

coindesk

“The use of crypto payments to facilitate illegal human and drug trafficking is rising, and the Government Accountability Office (GAO) is blaming crypto kiosks. In a new study released Monday, the GAO – a government agency that provides auditing and investigative services for Congress – highlighted that the kiosks, also called crypto ATMs, were partly responsible for this surge because the machines are less regulated than crypto exchanges and transactions are more difficult to trace.”

January 10, 2022

On the wires

Alchemy Pay (ACH) Leverages Fintech Giant NIUM and Amplifies Its Market Reach

“The global fintech giant, NIUM, announces its partnership with Alchemy Pay (ACH), a fiat-cryptocurrency gateway solutions provider. The partnership represents major progress for Alchemy Pay who will now leverage NIUM’s huge global coverage and swiftly pay out funds to clients at significantly lowered costs in the 190+ countries and territories where NIUM operates. In addition, NIUM has 11 licences in regions such as the United Kingdom, Europe, USA, Singapore, Hong Kong, and Australia, which will enable Alchemy Pay to extend its reach into these key financial markets.”

December 21, 2021

On the web

December 20, 2021

On the web

RBI Told Board It Wants Blanket Crypto Ban, Economic Times Says

Bloomberg

“The Reserve Bank of India said it favors a complete ban on cryptocurrencies at a meeting of its central board on Friday, the Economic Times reported , citing unnamed people familiar with the deliberations. India’s central bank made a detailed presentation to its board highlighting “serious concerns” around the impact of cryptocurrencies on macroeconomic and financial stability, as well as exchange management, the newspaper said.”

December 16, 2021

On the web

The Biggest Threat to Trust in Cryptocurrency: Rug Pulls Put 2021 Scam Revenue Close to All-time Highs – Chainalysis

Chainalysis

“Scams were once again the largest form of cryptocurrency-based crime by transaction volume, with over $7.7 billion worth of cryptocurrency taken from victims worldwide. That represents a rise of 81% compared to 2020, a year in which scamming activity dropped significantly compared to 2019, in large part due to the absence of any large-scale Ponzi schemes. That changed in 2021 with Finiko, a Ponzi scheme primarily targeting Russian speakers throughout Eastern Europe, netting more than $1.1 billion from victims.”

Over $10 Billion Was Stolen in DeFi-related Theft This Year. Here’s How to Protect Yourself From Common Crypto Scams

CNBC

“Between January and July alone, $681 million was exploited in major cryptocurrency thefts, hacks and fraud, according to intelligence firm CipherTrace.   This year overall, many of the most notable hacks involved decentralized finance, or DeFi, projects , with more than $10 billion lost to DeFi theft and fraud, a November report from blockchain analytics firm Elliptic shows.”

December 15, 2021

On the web

Crypto Ads Banned by UK Watchdog for Failing to Highlight Risk

CNBC

“The U.K. advertising watchdog banned seven cryptocurrency ads on Wednesday and said they must not appear again. The Advertising Standards Authority said the ads were “banned for irresponsibly taking advantage of consumers’ inexperience and for failing to illustrate the risk of the investment.”   The banned ads included a website and Twitter post from a pizza chain as well as a digital poster from a crypto exchange.”

December 8, 2021

On the web

Crypto.com and Silvergate Enable Institutions to Buy and Sell Crypto With USD

Cointelegraph

“Major cryptocurrency exchange Crypto.com continues expanding its crypto on-ram and off-ramp solutions with a new partnership with the California state-chartered bank Silvergate. Crypto.com announced on Tuesday that it is working with Silvergate to allow institutional clients to deposit and withdraw from the exchange using the U.S. dollar (USD). According to the announcement, bank transfers to and from the Crypto.com exchange are now available for institutional investors. With the help of Silvergate, institutional clients can transfer USD directly between their bank accounts and Crypto.com with no fees.”

Proposed India Bill Banning Crypto Payments Could Mean Jail for Violations -document

Reuters

“Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters. Prime Minister Narendra Modi’s government has previously flagged that it plans to ban most cryptocurrencies – a move which follows measures by China this September that intensified its crackdown on cryptocurrencies.”

December 6, 2021

On the web

Bitcoin Card Embily Joins Visa’s Fast Track Program

Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

“Embily USA, the American arm of European fintech company Embily, has joined Visa’s Fintech Fast Track program. Embily’s refillable debit card, which can be topped up with bitcoin and used to pay for goods and services worldwide, will launch in the U.S. next year…Embily will be available to U.S. customers as a physical or digital prepaid card that can be loaded with bitcoin and other cryptocurrencies. The funds are then liquidated using a third-party exchange, after which they are ready to be spent anywhere Visa is accepted, online and offline. Users can also withdraw cash from any ATM with their debit card.”

November 30, 2021

On the web

A Mexican Crypto Startup Wants to Make Cash Remittances Cheaper

Bloomberg

“…Intuitively, a technology that allows one person to send money to another without an intermediary could make remittances quicker and cheaper. There are still huge barriers, from the wild volatility of many cryptocurrencies to the complexities of buying them in one country and then converting them back to traditional cash in another. Bitso, a Mexico City-based crypto trading platform, says it’s making a dent. It estimates it’s helping money transmitters move around 2.5% of the more than $40 billion in remittances flowing across the border from the U.S. to Mexico annually.”

November 23, 2021

On the web

Stablecoin Advocates Make Their Case to U.S. Banking Regulators

Bloomberg

“Blockchain startup Figure Technologies Inc. and other firms held talks with U.S. regulators about how to issue a stablecoin that satisfies watchdogs amid deep Washington skepticism over the fast-growing corner of the cryptocurrency market. Senior officials of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. met last week with Figure and its partners in an emerging crypto effort known as the USDF Consortium, according to people familiar with the meetings who requested anonymity because the discussions were private. Spokespeople for the agencies declined to comment.”

November 22, 2021

On the web

MercadoLibre to Allow Crypto Investments Through Digital Wallet

Bloomberg

MercadoLibre Inc. is stepping up its foray into the crypto world through its digital payments app.  MercadoPago customers in Brazil will soon be able to buy, sell and hold cryptocurrencies using their digital wallets, as the largest Latin American company by market capitalization looks to expand its lineup of financial products. The possibility became available to a small group of clients earlier in November and will be rolled out more broadly in the coming weeks, according to Tulio Oliveira, a MercadoPago vice president.”

November 17, 2021

On the web

Crypto Firm Circle Plans Expansion With Asia HQ, Venture Arm

bloomberg

“Circle, the principal operator of the second-biggest stablecoin, sees potential growth with corporate balance sheets as it broadens its geographic footprint and product offerings. The Boston-based internet finance firm is establishing a regional headquarters in Singapore and has announced it’s investing in a Japanese yen stablecoin effort through the newly-established Circle Ventures.”

November 9, 2021

On the web

U.S. Seizes $6.1 Million in Cryptocurrency in Ransomware Crackdown

Wall Street Journal

“The Justice Department’s seizure of $6.1 million in funds tied to alleged ransom payments, announced alongside fresh sanctions against a cryptocurrency exchange and arrests of alleged hackers, marked an escalation in Washington’s attempt to weaken hacking groups that have disrupted U.S. businesses. The retrieval of funds shows how victim companies’ cooperation with law enforcement can sometimes pay off, U.S. officials said Monday, while sanctions will create additional questions for U.S. businesses faced with hackers’ ransom…”

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